Studies: Average Candlestick
This chart example shows actual candlesticks in the upper half, and Average Candlesticks in the lower half. The Average Candlesticks show the directional flow of the market better. They were created using moving averages to create an average range and an average candle body.
Apply a moving average study to the chart and set its properties to the following which calculates an average of the bar Highs and an average of the bar Lows. The spread between these two averages is plotted using the Marker as a thin vertical line. This step creates the average candle range.
Apply a 2nd moving average study to the chart and set its properties as shown below. This average object will calculate an average of the bar Closes and an average of the bar Opens. The spread between these two averages creates the candle body. Use the Above..Below Study Mode so that an Up candle body can be plotted in the Green color, and a Down candle body can be plotted using Red. The Marker selection is the wide vertical line as shown below.
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Last modified 8/4/11 3:09 PM